Self-styled, “Bank of the Free,” Nigerian fintech startup, Kuda Bank has raised $55 million in Series B funding as it looks to expand into other African countries. It also plans to launch new product offerings for its Nigerian market.
The funding was made at a $500 million evaluation and comes after raising a $25 million Series A in March 2021 and a $10 million seed round in November 2020. With a $1.6 million pre-seed raise in September 2019 and a $15,000 pre-seed in 2018, its total raise comes to $91.6 million.
The round was co-led by previous investors, Valar Ventures and Target Global. Other investors that participated include Japan-based Strategic Business Investor (SBI) Investment and past angel investors.
Incorporated in 2018 as Kudimoney, the company changed its name to Kuda just before its $1.6 million raise in 2019. The company is the brainchild of co-founders Babs Ogundeyi and Musty Mustapha, CTO, and was founded as a lending platform before transitioning into a digital bank.
Kuda now has 1.4 million registered users — more than double the number it had in March when it had 650,000 registered users.
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